Grenergy

Last updated
Grenergy
Company type Private
ISIN ES0105079000
Industry Renewable Energy
Founded2007
FounderDavid Ruiz de Andrés
HeadquartersMadrid, Spain
Area served
Europe, Latin America, United States
Revenue€400 M (2023)
Number of employees
600 (2023)
Website https://grenergy.eu/en/

Grenergy is a Spanish company founded in 2007. It is an independent renewable energy producer and a specialist in the development, construction and operation of photovoltaic and storage projects. [1] It is present in 10 countries in Europe, Latin America and the United States. In 2023, with more than 600 employees, [2] it posted a net profit of €51 million, a fivefold increase compared to 2022. In terms of total revenue, it rose to €400 million, 37% higher than in 2022. [3] [4]

Contents

History

Grenergy was founded in Spain by economist David Ruiz de Andrés. It started its first projects in Spain (2008-2012) with solar farms in the provinces of Cuenca, Toledo, Sevilla, Granada and Ávila. [5] [6] [7] The company chose Chile for its Latin American expansion, which began in 2014, after incentives for the sector were curbed in Spain. [8]

In 2016, it was awarded the construction and development of two wind farms in Cajamarca (Peru), [9] and continued with the construction of two solar plants in Colombia and Mexico. [10]

It began operating in Italy, [10] and the United Kingdom in 2020, [11] and began operating in Germany in 2022. [12] It entered the United States by acquiring a 40% stake in Sofos Harbert Renewable Energy, a photovoltaic and battery project developer. [13] [14] A year later, it succeeded in acquiring 100% of the company, which has been renamed Grenergy US. [15]

IPO

In 2015, the company began trading on the Mercado Alternativo Bursátil (MAB - now known as BME Growth) of the Spanish Stock Exchange. [16] In 2019, it made the jump to the continuous market. [17] In 2021, the company registered its first green bond program, a debt issuance aligned with the International Capital Market Association's (ICMA) Green Bond Principles 2021 and the Loan Market Association's (LMA) Green Loan Principles 2021. [18] The company signed the first green financing linked to sustainability in Spain with Banco Santander in 2023. [19]

Pipeline

It has a portfolio of 15.9 gigawatts (GW) of solar PV and 21.7 GWh of storage in various stages of development: [20]

Oasis de Atacama

Located in the Atacama Desert (Chile), it is made up of 2 GW of solar and 11 gigawatt hours (GWh) of storage. [21] [22] It acquired 1 GW of solar from Repsol and Ibereólica, including the 1 GW energized line.

Grenergy has an agreement with BYD - a Chinese battery manufacturer - to supply large-scale storage systems with a total capacity of 3 GWh. [23] It has power purchase agreements with companies such as EMOAC in Chile. [21] [24]

GranTeno

It has a capacity of 241 MWp and is located in the Maule region, in south-central Chile. Its construction, with sustainable financing from BNP Paribas and Société Générale, amounted to 136 million euros ($148 million). [25] A long-term Power Purchase Agreement (PPA) signed with an international utility company will provide 140 GWh per year for 12 years. [26] It is Grenergy's largest PV plant in operation to date (2024).

Other projects

The portfolio includes the Escuderos photovoltaic plant (Cuenca). It has a capacity of 200 MW and will supply energy to Galp. [27] With financing from KFW and Bankinter, the company secured 110 million euros for the construction. [28]

The Tabernas Plant (Almería), with a capacity of 250 MW and an estimated annual production of 466.6 GWh, will sell its energy to Amazon. [29] It is operating with green financing of 175 million euros. In addition, it has signed an agreement with Ingeteam for the supply of 70 state-of-the-art inverters. [30]

There are another 80 Grenergy photovoltaic plants in Chile. [31]

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References

  1. ↑ Eduardo Inmedia Cano "Grenergy Renovables" Renta4 Banco (September 15, 2015)
  2. ↑ "Grenergy quintuplica su beneficio en 2023, hasta 51,1 millones, con ingresos récord de 400 millones" El periódico de la energía (February 28, 2024)
  3. ↑ Sustainability Report 2023. Grenergy.
  4. ↑ "Grenergy posts five-fold profit boost in 2023" Renewables Now (Marche 8, 2024)
  5. ↑ Advisory, Probuen (2022-03-15). "GRENERGY RENOVABLES: Fuerte crecimiento en el pasado, expectativas futuras". Probuen | Actividad corporativa & inmobiliaria (in Spanish). Retrieved 2024-10-08.
  6. ↑ Radomir Ralev "Grenergy Renovables launches 2 MW in rooftop PV plants" Renewabkes Now (March 25, 2013)
  7. ↑ Ivan Sumkov "Grenergy sells 4 MW of PV in Spain" Renewables Now (Jan 26, 2016)
  8. ↑ Diana Hristova "Grenergy Renovables seeks to build 40-MW solar park in Chile" Renewables Now (May 21, 2014)
  9. ↑ "Grenergy se adjudica dos parques eólicos en Perú con 36 MW". www.expansion.com. Retrieved 2024-10-08.
  10. 1 2 Sánchez Molina, P. "Grenergy sale al mercado italiano" Pv Magazine (November 15, 2020)
  11. ↑ Sánchez Molina, P . "Grenergy busca seguir creciendo en Europa y entra en almacenamiento" pv Magazine (July 19, 2021)
  12. ↑ Alba Pérez "Grenergy entra en Alemania con el objetivo de 3 GW de 'pipeline' antes de 2025" El economista.es (June 16, 2022)
  13. ↑ Alba Pérez "Grenergy entra en Estados Unidos con la compra del 40% de Sofos Harbert". El economista.es (August 28, 2022)
  14. ↑ Yuen, Simon (2023-02-14). "Grenergy bolsters business in US by taking full control of Sofos Harbert". PV Tech. Retrieved 2024-10-17.
  15. ↑ DÍAS, CINCO (2023-02-14). "Grenergy se consolida en EE UU con la compra del 100% de Sofos Harbert". Cinco Días (in Spanish). Retrieved 2024-10-08.
  16. ↑ Fariza, Ignacio (2023-11-21). "Grenergy construirá en Chile la mayor batería del mundo para almacenar energía solar". El País (in Spanish). Retrieved 2024-10-08.
  17. ↑ "Grenergy protagonizará el 13 de diciembre la única salida a Bolsa del año". EXPANSION (in Spanish). 2019-12-03. Retrieved 2024-10-08.
  18. ↑ Sanchez Molina, P. "Grenergy registra el primer programa de pagarés verdes en España por 100 millones de euros" pv Magazine (September 16, 2021)
  19. ↑ "Grenergy firma con Banco Santander una financiación corporativa verde asegurada por Cesce de 147 millones". Europa Press. 2023-11-13. Retrieved 2024-10-08.
  20. ↑ Pepe García "Grenergy aumenta un 27% su beneficio a seis millones de euros en el arranque del año" El economista.es (May 23, 2024)
  21. 1 2 DÍAS, CINCO (2024-09-23). "Grenergy invierte 128 millones para duplicar su generación de fotovoltaica en el Oasis de Atacama". Cinco Días (in Spanish). Retrieved 2024-10-08.
  22. ↑ "Grenergy secures PPA for 260 MW-1,100 MWh of solar-plus-storage in Chile". pv magazine International. 2024-01-25. Retrieved 2024-10-17.
  23. ↑ "Grenergy y BYD amplían su acuerdo de baterías hasta los 3GWh para Oasis de Atacama" El periódico de la energía (September 13, 2024)
  24. ↑ Djunisic, S.: "Grenergy signs PPA for solar storage power in Chile" Renewables Now (Nov 17,2023)
  25. ↑ "Grenergy cierra la financiación verde de dos parques solares de 300 MW en Chile por 136 millones de euros". Europa Press. 2023-07-03. Retrieved 2024-10-08.
  26. ↑ Estratégica, Energía (2023-06-30). "Grenergy firma un PPA en Chile para su planta solar Gran Teno de 241 MW". Energía Estratégica (in Spanish). Retrieved 2024-10-08.
  27. ↑ "Emiliano García-Page pone la primera piedra del parque solar de Escuderos de Grenergy – SOLARNEWS" (in Spanish). Retrieved 2024-10-08.
  28. ↑ "Grenergy cierra la financiación verde de su parque solar en Cuenca por 110 millones" El economista.es (December 23, 2020)
  29. ↑ Gómez, Iván (2024-06-25). "El gigante fotovoltaico de Grenergy avanza en Tabernas: energía verde para 126.300 hogares". Diario de Almería (in Spanish). Retrieved 2024-10-17.
  30. ↑ Gómez, Iván (2024-06-25). "El gigante fotovoltaico de Grenergy avanza en Tabernas: energía verde para 126.300 hogares". Diario de Almería (in Spanish). Retrieved 2024-10-08.
  31. ↑ "Grenergy estrena en Chile su mayor planta fotovoltaica sostenible, de 241 megavatios". La Información (in European Spanish). 2024-03-13. Retrieved 2024-10-08.
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